The cryptocurrency market has experienced a significant rebound since mid October, and the on chain transaction costs of Bitcoin and Ethereum have also sharply increased over the past three weeks. Last week, the average transaction costs also peaked at $15 per transaction and $10
The cryptocurrency market has experienced a significant rebound since mid October, and the on chain transaction costs of Bitcoin and Ethereum have also sharply increased over the past three weeks. Last week, the average transaction costs also peaked at $15 per transaction and $10.529 per transaction, respectively.
From October 22 to November 12, 2023, the average transaction cost on Ethereum's chain increased from $2.08 per transaction to $6.64, a surge of 219%.
Average transaction cost between Bitcoin and Ethereum (source: BitinfoCharts)
The changes in Ethereum transfer costs are very similar to the situation with Bitcoin, with the average and median transaction costs of Ethereum being comparable to Bitcoin. However, significant differences can arise when performing other types of operations on the Ethereum chain, such as using smart contracts.
Converting Ethereum based assets on a decentralized exchange (DEX) may incur transaction fees ranging from $27.77 to $28.50 per transaction. Similarly, the cost of conducting NFT transactions fluctuates between $46.93 and $48.16. The transaction cost for cross chain transfer of encrypted assets is estimated to be between $8.93 and $9.17 on November 12th (last Sunday).
According to Blockchair data, from October 22 to November 11, 2023, Ethereum processed an average of approximately 1071448 transactions per day. According to FlippeningWatch data, Bitcoin still leads Ethereum in terms of market value, daily trading volume, and fees charged by validators (24 hours).
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
